PRINCE GEORGE'S FINANCIAL SERVICES CORPORATION

EIN: 521305988 501(c)(3) Community Improvement

LARGO, MD

Total Revenue
$3,279,015
Total Expenses
$2,923,950
Total Assets
$8,799,436
Net Assets
$1,969,925
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Financial Trends

Organization Details

Formation Year
1978
Legal Domicile
MD
Principal Officer
DAWN R MEDLEY
Phone
3018836900
Tax Period
2022-07-01 to 2023-06-30

PRINCE GEORGE'S FINANCIAL SERVICES CORPORATION, founded in 1978, is a community nonprofit in the Community Improvement sector that reported $3.3M in total revenue in fiscal year 2022. Revenue surged 23% from the prior year, signaling strong growth momentum. Expenses of $2.9M left a modest 11% surplus.

Mission

THE ORGANIZATION IS A PRIVATE NON-PROFIT CORPORATION DESIGNATED AS A CERTIFIED DEVELOPMENT CORPORATION BY THE US SMALL BUSINESS ADMINISTRATION. THE ORGANIZATION'S PRINCIPAL BUSINESS OBJECTIVE IS TO PROVIDE NON-TRADITIONAL FUNDING SOURCES TO BUSINESSES IN UNDERSERVED COMMUNITIES.

Program Service Accomplishments

Program 1
Expenses: $670,291

TECHNICAL ASSISTANCE:THE ORGANIZATION IS THE LENDER SERVICE PROVIDER (LSP) IN SUPPORT OF THE PRINCE GEORGE'S COUNTY ECONOMIC DEVELOPMENT INCENTICE (EDI) LOAN FUND AND THE STATE OF MARYLAND VIDEO...

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TECHNICAL ASSISTANCE:THE ORGANIZATION IS THE LENDER SERVICE PROVIDER (LSP) IN SUPPORT OF THE PRINCE GEORGE'S COUNTY ECONOMIC DEVELOPMENT INCENTICE (EDI) LOAN FUND AND THE STATE OF MARYLAND VIDEO LOTTERY TERMINAL LOAN FUND. ITS FOCUS IS ON SMALL BUSINESSES AND THE ORGANIZATION IS CHARGED TO DELIVER TECHNICAL ASSISTANCE, COMPLIANCE, PORTFOLIO MANAGEMENT AND RELATED SERVICES.

Program 2
Expenses: $490,286 Revenue: $160,706

THE FOLLOWING APPLIES AT JUNE 30, 2023SBGF:THE ORGANIZATION SERVICES AND ADMINISTERS LOANS UNDER THE PRINCE GEORGE'S COUNTY SMALL BUSINESS GROWTH FUND. THIS IS A REVOLVING LOAN FUND, CAPITALIZED WITH...

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THE FOLLOWING APPLIES AT JUNE 30, 2023SBGF:THE ORGANIZATION SERVICES AND ADMINISTERS LOANS UNDER THE PRINCE GEORGE'S COUNTY SMALL BUSINESS GROWTH FUND. THIS IS A REVOLVING LOAN FUND, CAPITALIZED WITH LINES OF CREDIT FROM 12-15 FDIC-INSURED LENDING INSTITUTIONS. THE PROGRAM PROVIDES DIRECT LOANS TO SMALL AND MINORITY BUSINESSES IN PRINCE GEORGE'S COUNTY. TYPICALLY, THESE LOANS MUST QUALIFY FOR THE SBA 7 (A)/COMMUNITY ADVANTAGE GUARANTEE. THE ORGANIZATION IS A DESIGNATED SBA 7(A) COMMUNITY ADVANTAGE LENDER, WHICH UTILIZES A $5.5 MILLION REVOLVING LOAN FUND TO MAKE DIRECT LOANS.

Program 3
Expenses: $721,705 Revenue: $59,952

SBA 504:THE ORGANIZATION MARKETS, ANALYZES, UNDERWRITES, AND SERVICES THE SBA 504 PROGRAM AS AN AGENT OF THE SBA IN THE STATE OF MARYLAND. THE SBA 504 PROGRAM PROVIDES LONG-TERM, BELOW MARKET...

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SBA 504:THE ORGANIZATION MARKETS, ANALYZES, UNDERWRITES, AND SERVICES THE SBA 504 PROGRAM AS AN AGENT OF THE SBA IN THE STATE OF MARYLAND. THE SBA 504 PROGRAM PROVIDES LONG-TERM, BELOW MARKET FIXED-RATE FINANCING FOR THE PURCHASE AND IMPROVEMENTS OF COMMERCIAL REAL ESTATE OR MACHINERY AND EQUIPMENT.

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $2,436,995
Program Service Revenue $800,398
Investment Income $15,839
Other Revenue $25,783
TOTAL REVENUE $3,279,015

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,718,411
Fundraising Expenses $180,570
Program Expenses $2,229,498
Other Expenses $1,205,539
TOTAL EXPENSES $2,923,950

Year-over-Year Comparison

2022 2021 Change
Revenue $3,279,015 $2,663,412 +0.2%
Expenses $2,923,950 $2,457,718 +0.2%
Net Income $355,065 $205,694 +0.7%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
11
Independent Members
11
Employees
19
Volunteers
16

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$0
Total Directors
15
$0
Key Employees
2
$349,625
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOHN HALE III CHAIR 5.00
Officer Director
$0 $0 $0
SHANTON S KITTLER VICE CHAIR 4.00
Officer Director
$0 $0 $0
TERRENCE A BEVERLY TREASURER 4.00
Officer Director
$0 $0 $0
JOHN HALLEY SECRETARY 2.00
Officer Director
$0 $0 $0
GARRETT JACKSON DIRECTOR 2.00
Director
$0 $0 $0
GREG BEDWARD DIRECTOR 2.00
Director
$0 $0 $0
MIRINDA D JACKSON DIRECTOR 2.00
Director
$0 $0 $0
QC JONES DIRECTOR 2.00
Director
$0 $0 $0
DIANE BROWN DIRECTOR 2.00
Director
$0 $0 $0
SONJA WELLS DIRECTOR 2.00
Director
$0 $0 $0
VALARIE DOCK DIRECTOR 2.00
Director
$0 $0 $0
ANGIE ROGERS DIRECTOR - NON-VOTING 2.00
Director
$0 $0 $0
SIMONE C JOHNSON DIRECTOR - NON-VOTING 2.00
Director
$0 $0 $0
WARREN BURRIS DIRECTOR - NON-VOTING 2.00
Director
$0 $0 $0
PETER SORGE CHAIRMAN EMERITUS NON-VOTING 2.00
Director
$0 $0 $0
DAWN R MEDLEY PRESEDENT & CEO- -CURRENT 40.00
Key Emp
$164,223 $11,208 $175,431
BEVERLY EVERSON-JONES CFO 32.00
Key Emp
$164,015 $10,179 $174,194
SHELLY M GROSS-WADE PRESEDENT & CEO- - 12/31/2022 40.00
Highest
$146,774 $6,841 $153,615
JAMES STEWARD SMITH VICE PRESIDENT- BUSINESS DEVELOPMENT 40.00
Highest
$115,083 $0 $115,083
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 No data No data No data No data
2023 $3,279,015 $2,923,950 $8,799,436 $355,065
2022 $2,663,412 $2,457,718 $6,191,541 $205,694
2021 $3,752,582 $3,209,543 $5,730,425 $543,039
2020 $1,661,099 $1,681,592 $5,375,200 $-20,493
2019 $1,719,034 $1,473,091 $3,745,109 $245,943
2018 $1,384,383 $1,320,727 $2,773,472 $63,656
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